The pivot point is the arithmetic average of the high (H), low (L), and closing (C) prices of the active instrument, P = (H + L + C) / 3. This custom study uses the Pivot points for calculations of the curve. It plots 5 curves: the pivot point; 2 projected highs and 2 projected lows. Note that the Overlaid checkbox has been selected so that these curves are plotted over the bars like a moving average. It is available on the Add Study window. The ,D after each term forces the system to use a daily bar. This method allows the user to apply daily values to an intraday chart.
Formula of curves:
Res2: (HLC3(@),D)[-1] + (Range(@),D)[-1]
Res1: (2 * (HLC3(@),D)[-1]) - (Low(@),D)[-1]
PIVOT: (HLC3(@),D)[-1]
Sup1: (2 * (HLC3(@),D)[-1]) - (High(@),D)[-1]
Sup2: (HLC3(@),D)[-1] - (Range(@),D)[-1]
Setup parameters:
•Display
•OB/OS